Micron Technology became the primary driver of earnings growth for the S&P 500 in the second quarter of 2026, recording a year-over-year profit increase exceeding 1,200%.
In fiscal Q3 2026, the company reported revenue of $41.46 billion, marking a 346% increase compared to the previous year. Net income reached $28.24 billion, with gross margins at 84.9%.
For fiscal Q4 2026, Micron forecasts revenue of approximately $50 billion and a gross margin of 86%. Analysts estimate operating income could rise from $130.4 billion in 2026 to $200.8 billion in 2027.
Micron and Nvidia together contributed up to 40% of the S&P 500 earnings growth in the most recent quarter. The company has secured long-term supply agreements with major clients, including Nvidia.
Micron's forward price-to-earnings ratio is approximately 9.2x, significantly lower than the S&P 500 average of 20.2x and the information technology sector average of 22.8x.
